22 December 2023 Completion Announcement | Renewable Power
Ofgem name Equitix as preferred bidder on Scottish OFTO, Seagreen
Ofgem has announced that Equitix, in its consortium with Kyuden International Corporation and Kyushu Electric Power Transmission and Distribution Company (“Kyuden Group”), has been named as preferred bidder in the c. £600 million Tender Round 9: Seagreen 1 Offshore Electricity Transmission (OFTO) project
The Seagreen Offshore Wind Farm has been developed by Seagreen Wind Energy Limited (SWEL) as a joint venture on behalf of SSE Renewables and TotalEnergies. The wind farm comprises 114 turbines with a maximum installed capacity of 1,075MW, equivalent to generating enough renewable power for more than 1.6 million homes (or two-thirds of all Scottish homes).
The transmission assets consist of three cables, each roughly 64 kilometres long, carrying power from the offshore wind farm to landfall and a further 20 kilometres inland to the onshore substation in Angus, Scotland. At Asset Transfer, Equitix and Kyuden Group will receive a minimum 24 year contracted revenue, with the potential to extend alongside the operational wind farm.
This project represents Equitix’s continued growth in the OFTO sector, adding to its existing 5 operational OFTOs and the wider renewable power sector which has been steadily built over the past 15 years.
Achal Bhuwania, CIO Equitix said: “We are extremely delighted to be selected preferred bidder on Seagreen OFTO along with our valued strategic partner, Kyushu Electric. This reinforces our commitment to helping the U.K. achieve its net zero targets through material investments across the energy value chain as well as continuously attracting major foreign direct investment to achieve those objectives. The exceptional performance and resilience of our market leading OFTO team is clearly demonstrated by this fantastic win – the team have worked tirelessly all year around, including the recent financial close of Triton Knoll OFTO and bid submissions of other upcoming OFTOs.”
Congratulations to our partners and team on this transaction, particularly to James Mellish, Blair Nimmo, Alexander Murray, Jemma Sherman